Hey James,
Judging by the recent response of the market to Internet stocks, I would guess those lofty valuations are coming down to earth somewhat, or at least, they are being re-evaluated by the investment community. Of course, no one wants to buy a company when their own stock is in the gutter, and so there is a chance a deal is done but shelved pending a rebound in the tech markets.
And therein lies my point: I missed the boat on UUNET last year, and I still kick myself in the butt for it. PSI is no UUNET, but then, USWEST (or whoever is eyeing this fish) is no MFS. In my opinion, to buy PSI is to gamble on a takeover rumor and not much more. I think the 7 range is a good price, but if I get in, I'm getting right out after that announcement. I know RBOCs, and I certainly wouldn't stake my hard-earned money on anything some old-school telco boy thinks'll get them in the Internet game.
John |
